Esken, the current owners, has negotiated a restructuring plan that will see a loan of £193.75 million due to Carlyle Global Infrastructure Fund converted into an 82.5% stake in the airport. A £24.3 million debt due from the airport to Esken will be converted into a 17.5% stake.

The deal includes £32 million of new funding to secure the airport’s future growth.

Esken said the deal avoided a costly court battle with its backers, which lent the airport £125 million during the pandemic. Esken said court action “could be potentially destructive for all stakeholders”.

However, the new deal will require court approval – likely to take several months – and a delisting of Esken’s shares on the London Stock Exchange. 

“The expectation is that any return for shareholders at the end of the process is likely to be negligible,” it said.

Esken added: “Once the documents for the restructuring plan are finalised a further update will be provided when the process and timings will be set out fully.”